The Panamanian government has approved amendments to the Tax Code of Panama via Law 28 of 8th May, 2012. Among these amendments, there is an increase in the annual franchise tax for corporations, private interest foundations and limited liability companies.
The Registrar of Companies recently issued a statement to clarify changes in Cyprus Legislation regarding dormant companies.
The changes are applicable to companies which have assets including real estate, shares or bank accounts that do not generate any income such as rent, dividends or interest from those investments or assets.
All Cyprus companies are required to pay an annual fixed duty of €350 following the initial package of austerity measures introduced by the Cyprus Government in 2011.
Final approval of the agreement for avoidance of double taxation between Cyprus and Russia was ratified by the Russian parliament on the 15th February 2012 and is now awaiting the agreement of the president Dimitry Medvedev.